Verhaart, currently enjoying a month’s gardening leave after parting ways with AMP Capital just prior to Easter, would look after the Kiwibank wealth division’s “market-leading implemented investment service”, according to GMI investment chief, Simon O’Grady.

The growth in GMI’s implemented investing business was driven by expansion into the “wholesale, trust, charity, family office and iwi investment sectors”, a GMI release announcing Verhaart’s appointment says.

In a statement Verhaart said: “I’m looking forward to getting to know GMI’s clients and helping them to achieve their investment goals through utilising the investment expertise of the GMI team.”

GMI, bought by Kiwibank from its eponymous founder in 2012 for about $50 million, boasts about $4 billion under management including over $2 billion in the group’s KiwiSaver product.

Verhaart takes up the new role on May 2.

Last week the NZ government revealed the Accident Compensation Commission (ACC) fund and the NZ Superannuation Fund would take a 45 per cent stake in Kiwibank, including its wealth division, for about $450 million. The deal has yet to be finalised.